Variables

With Constant

With Constant and Trend

Lag Order

t-statistic

Critical Value

Lag Order

t-statistic

Critical Value

1% Level

5% Level

1% Level

5% Level

LNSX

1

−0.536000

−2.574171

−1.942089

1

−1.486066

−3.465200

−2.919600

ΔLNSX

1

−2.331804**

−2.574208

−1.942094

1

−4.684712*

−3.465100

−2.919800

LNCD

1

−1.720163

−2.574171

−1.942089

1

−1.720236

−3.465200

−2.919600

ΔLNCD

1

−3.599346*

−2.574208

−1.942094

1

−6.512132*

−3.465100

−2.919800

LNCP

1

−2.381825

−2.574171

−1.942089

1

−2.429654

−3.465200

−2.919600

ΔLNCP

1

−11.84818*

−2.574208

−1.942094

1

−12.67868*

−3.465100

−2.919800

LNCR

1

−2.160385

−2.574171

−1.942089

1

−2.254017

−3.465200

−2.919600

ΔLNCR

1

−4.761738*

−2.574208

−1.942094

1

−8.251913*

−3.465100

−2.919800

LNTBL

1

−1.718813

−2.574171

−1.942089

1

−1.731301

−3.465200

−2.919600

ΔLNTBL

1

−8.068009*

−2.574208

−1.942094

1

−9.000464*

−3.465100

−2.919800